By some of you guys extensive use of probability and statistics in this forum I just wondered if anyone was working in the actuary field. I'm taking my course 1 exam tomorrow and thought maybe someone might have some advice. Screw it and become a pro-gambler perhaps? haha just kidding. I waited waaay too late to start studying (yesterday).
Thanks. I didn't do too well. I was on question 10 (out of 40) with half my time gone. I have a strong calculus and Diff equations background and thought that would carry me through it but the dang probability killed me.
Seems like alot of the basic ideas of prob/stat are useful for sports betting.
Seems like alot of the basic ideas of prob/stat are useful for sports betting.
holedigger,
I got my FSA in 1993 but I've been out of the loop since 1996. It's nice to see they still call it "Part 1" because even back then it was officially called "Course 100" or something like that.
The first exam is the most demanding intelligence-wise and acts like a filter. If you can get past that one the rest just depends on how hard you study. If you are good at math you will get your ASA with minimal trouble, but for the later exams you will need a good memory. Those are hard work and there are really no shortcuts.
Prob & stats are definitely the most important in terms of applicability to real life. If you can grasp that stuff well you will be able to make it as a professional gambler. But there are all sorts of psychological reasons why professional gambling may not work out even if you have the right stuff in terms of math. It's not an accident that there are so many intelligent people making modest salaries in universities despite having the ability to make it in the betting world.
Get your ASA at least and get some work experience in the insurance industry. Life is long and you can become a pro gambler any time, but to become a qualified actuary it's better to do it while you're young.
Good luck!
I got my FSA in 1993 but I've been out of the loop since 1996. It's nice to see they still call it "Part 1" because even back then it was officially called "Course 100" or something like that.
The first exam is the most demanding intelligence-wise and acts like a filter. If you can get past that one the rest just depends on how hard you study. If you are good at math you will get your ASA with minimal trouble, but for the later exams you will need a good memory. Those are hard work and there are really no shortcuts.
Prob & stats are definitely the most important in terms of applicability to real life. If you can grasp that stuff well you will be able to make it as a professional gambler. But there are all sorts of psychological reasons why professional gambling may not work out even if you have the right stuff in terms of math. It's not an accident that there are so many intelligent people making modest salaries in universities despite having the ability to make it in the betting world.
Get your ASA at least and get some work experience in the insurance industry. Life is long and you can become a pro gambler any time, but to become a qualified actuary it's better to do it while you're young.
Good luck!
I tried coming up with a stupid "system" or whatever to apply to college basketball last year. I looked specifically at 2 conferences. Anyway I took several methods of determining a spread for the game. I know they're dumb methods but I'm knew to this and was only trying it out ($10 bet per game). I used things like sagarrin ratings, points scored for/ against in various situations, etc.. but kept the predicted spread via each method seperate. Then as a few weeks went by I started taking a weighted average of these things, adjusting the "weights" by how well that particular system performed last week. Funny as it sounds, I picked 10 incorrect games in a row (I know, it was bad). My friend thought I had come up with the ultimate device for locating a sucker bet. Eventually I got frustrated and threw all of it out and went back to "winging it". I'm ready to try something new, however, and am very excited about it. I'll be sure and post my results so everyone can make a killing fading them
Fezzik,
Yes I can see as how the first exam would be easy for someone who studied the material. I graduated in physics, however, and overestimated my knowledge of prob/stat. The calculus on the test was not difficult at all. The insurance for someone dumb enough to not study until the last night was. Anyway I'm applying to graduate school for this fall and also plan on retaking that damn test in May to keep some options open.
Fezzik,
Yes I can see as how the first exam would be easy for someone who studied the material. I graduated in physics, however, and overestimated my knowledge of prob/stat. The calculus on the test was not difficult at all. The insurance for someone dumb enough to not study until the last night was. Anyway I'm applying to graduate school for this fall and also plan on retaking that damn test in May to keep some options open.
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Many don't realize how hard the actuarial exams really are. <HR></BLOCKQUOTE>I didn't think that I would have any problems and received a big surprise. You have to be prepared. I read a while back that an actuarial job is the number one job in America as far as pay, stress, etc. Would you consider that to be true? I want to know if I missed any thing.
Not exactly!
It's typically a very tedious boring job with math geeks
"everywhere". Go to an actuarial convention and you will long for the swinging days you used to see when you hung out at accountants meetings and computer programmers functions.
Actually, some of the actuarial jobs are very good. The consulting jobs are stressful, and most insurance co. jobs are boring. I was very lucky to fall into a great pension job where my boss allowed me to do presentations and work with some investment education in my field so I did personally have some fun once I finished my exams in 1996. I hated managing people, however.
As far as the exams. Better start with a Math SAT score that starts with a "7". Otherwise, you are going to be one unhappy camper as the mathematical tests measure both technical competence in the field, and just overall mathematical ability and speed to calculate.
It's typically a very tedious boring job with math geeks
"everywhere". Go to an actuarial convention and you will long for the swinging days you used to see when you hung out at accountants meetings and computer programmers functions.
Actually, some of the actuarial jobs are very good. The consulting jobs are stressful, and most insurance co. jobs are boring. I was very lucky to fall into a great pension job where my boss allowed me to do presentations and work with some investment education in my field so I did personally have some fun once I finished my exams in 1996. I hated managing people, however.
As far as the exams. Better start with a Math SAT score that starts with a "7". Otherwise, you are going to be one unhappy camper as the mathematical tests measure both technical competence in the field, and just overall mathematical ability and speed to calculate.
Actuarial jobs in the insurance field are typically pretty cushy gigs - 40 hour weeks, low stress, decent money, but very boring. If you like obese women and don't mind having your creativity stifled, go work for an insurance company.
The pension consulting area attracts the more driven, workaholic types. Very long hours and moderate stress, but much more money.
In my experience, I found many of my peers to be friendly, intelligent, mild-mannered, unassuming, unopinionated, conservative, risk-averse, and boring. In other words, most had the requisite personality for success in the field. When I was at actuarial seminars, I usually tried to distance myself from the group. Although I certainly had the skills to succeed in the long run, I eventually rejected the lies, omissions, hyprocrisy, and deceit that accompanies working in today's Corporate America.
The pension consulting area attracts the more driven, workaholic types. Very long hours and moderate stress, but much more money.
In my experience, I found many of my peers to be friendly, intelligent, mild-mannered, unassuming, unopinionated, conservative, risk-averse, and boring. In other words, most had the requisite personality for success in the field. When I was at actuarial seminars, I usually tried to distance myself from the group. Although I certainly had the skills to succeed in the long run, I eventually rejected the lies, omissions, hyprocrisy, and deceit that accompanies working in today's Corporate America.
